HSBC’s female employees get paid half that of males

Mar 16, 2018, 7:36 AM EDT

(Source: FuFu Wolf/flickr)

HSBC, the U.K.’s largest bank, pays its female employees less than half of what it remunerates to its male staff, a stat revealing that the bank has to double down its efforts to address gender pay gap and balance at senior levels.

HSBC has a 29% median gender pay gap for its U.K. banking operations, which is more than double the 14.2% reported by Barclays, writes the BBC.

The British government has launched a new scheme that requires all companies with over 250 employees to report their gender pay gap, which is crucial for encouraging action for change in spaces dominated by men, notes The Guardian.